Emily Carter
Purchase · Langley, BC · $499,000
Underwriting summary for broker review
Observations to verify. Not determinations.
Submission readiness · For broker review
6 / 11 documents
Not ready- 4 high priority items need broker review
- Stated income not supported by the documents
- Documented ratios above the typical insured guideline
- 5 supporting documents still needed
Completeness 55% (6 of 11 expected documents)
$92,000/yr
verified from documents
$729/mo
feeds TDS
$50,000
LTV 89.98%
n/a
3 flags · score not reported
Qualification vs typical insured guideline
Qualifying rate 6.29% (OSFI B-20: greater of contract rate plus 2% or 5.25%).
Path to qualification
- Supportable income near $117,000/yr would meet both guidelines (documented $92,000/yr)
- Paying down $729/mo of debt would reduce TDS, but housing alone still exceeds the guideline
- Resolve the 4 high priority flags before submission
Estimates for discussion. Verify against lender specific criteria.
Flags
AttentionIncome overstatedApplication, T4, NOA and pay stub
Documents compared: Application, T4, NOA and pay stub
The application states $118,000. The 2025 T4 shows $92,000, the 2024 NOA shows $88,400 and the pay stub annualizes to $104,500 including overtime.
Broker action: Confirm base salary, obtain the required overtime history and revise the application to supportable income. Overtime without two years of history is usually not counted; confirm lender policy.
AttentionUndisclosed car loanApplication and credit report
Documents compared: Application and credit report
The application lists no debts. The credit report shows a car payment of $450 monthly.
Broker action: Confirm the current payment and balance, add the commitment to the application and recalculate TDS.
AttentionWage garnishmentPay stub and application
Documents compared: Pay stub and application
A wage garnishment deduction appears on the pay stub but the application provides no explanation or obligation details.
Broker action: Request the garnishment details, remaining obligation and payment information. No amount has been invented for the ratios; they may change once this is documented.
AttentionUnsourced $18,500 depositBank statements and down payment information
Documents compared: Bank statements and down payment information
An $18,500 incoming deposit has no documented source. The balance alone does not establish where the down payment came from.
Broker action: Request a source of funds trail or gift letter and supporting evidence, as appropriate. Follow the brokerage compliance program and applicable FINTRAC record keeping requirements; the amount alone does not establish a reporting obligation.
ReviewTwo NSF itemsBank statements and application package
Documents compared: Bank statements and application package
The 90 days of bank statements show two NSF items without an accompanying explanation.
Broker action: Obtain an explanation letter and relevant supporting evidence. Confirm whether an ongoing cash flow issue or a missing commitment needs attention.
Review93% card utilizationCredit report and application
Documents compared: Credit report and application
Cards show $9,300 used out of $10,000. The specimen uses a 3% minimum payment of $279 monthly rather than zero on the application.
Broker action: Confirm lender payment policy and current balances, add the commitment and discuss the utilization with the borrower without promising a lending outcome.
Review$1,240 collectionCredit report and application package
Documents compared: Credit report and application package
One collection of $1,240 appears without an explanation or evidence of resolution.
Broker action: Obtain the account details and explanation, and any required proof of payment or resolution. Confirm lender treatment before submission.
Broker ready summary
Compact reformat of the computed values. Copy or export as PDF.
Borrower: Emily Carter (primary)
Transaction: Purchase
Purchase: $499,000 · Down: $50,000 · LTV: 89.98%
Verified income
T4 2025 $92,000/yr
Stated $118,000/yr · not supported
Verified debt
From credit report: $729/mo
Qualification vs typical insured guideline
GDS 39% / TDS 44%
Stated: GDS 36.12% · TDS 36.12%
Verified: GDS 46.33% · TDS 55.84%
Stress rate: 6.29% (OSFI B-20)
Credit
Score not reported
- · Undisclosed car loan
- · 93% card utilization
- · $1,240 collection
Down payment / AML
- · Two NSF items: The 90 days of bank statements show two NSF items without an accompanying explanation.
- · Unsourced $18,500 deposit: An $18,500 incoming deposit has no documented source. The balance alone does not establish where the down payment came from.
Readiness
Not ready
- · 4 high priority items need broker review
- · Stated income not supported by the documents
- · Documented ratios above the typical insured guideline
- · 5 supporting documents still needed
Documented ratios exceed the typical insured guideline. Confirm program criteria with the lender.
Document verified observations for broker review. Not a lending decision or an approval.
Broker notes
Emily Carter is a salaried borrower purchasing a Langley, BC condo for $499,000 with $50,000 down. The application states $118,000 income and no debts. Working supportable income is $92,000 from the 2025 T4, pending confirmation of base salary and overtime treatment. The credit report adds $729 monthly debt. At the 6.29% qualifying rate, documented GDS is 46.33% and TDS is 55.84%. Obtain income clarification, car loan confirmation, garnishment details and the deposit source before submission. NSF, utilization and collection findings also require review. No lending decision has been made.
Emily Carter
Primary borrower| Borrower | NOA | T4 | T1 General | Pay stub | Employment letter | Credit report | Bank statement |
|---|---|---|---|---|---|---|---|
| Emily Carter |
Documents for Emily Carter
6 of 11 expected documents present- Pay stubPRESENT
- 2025 T4PRESENT
- 2024 notice of assessmentPRESENT
- 90 days of bank statementsPRESENT
- Credit reportPRESENT
- MLS listingPRESENT
- Current employment confirmation and overtime historySTILL NEEDED
- Gift letter or documented source and transfer trail for the depositSTILL NEEDED
- Explanation letter and supporting evidence for the NSFsSTILL NEEDED
- Garnishment terms and obligation detailsSTILL NEEDED
- Current debt confirmation and collection explanation or resolution evidenceSTILL NEEDED
Income reconciliation
For broker verification| Source | Field | Group | Annual |
|---|---|---|---|
| Application | Stated income | stated | $118,000 |
| T4 (2025) | Box 14 employment income | employment | $92,000 |
| NOA (2024) | Total income (line 15000) | total | $88,400 |
| Pay stub | Annualized, includes overtime | annualized | $104,500 |
Stated income is $26,000 above the 2025 T4.
Pay stub annualizes higher because it includes overtime. Overtime without two years of history is usually not counted.
AI summary
The application states $118,000, but the 2025 T4 shows $92,000 of employment income and the 2024 NOA shows $88,400 total income. The pay stub annualizes to $104,500 including overtime. The illustration uses $92,000 pending confirmation of base salary and lender overtime policy.
T4 summary
Emily Carter
Tax year 2025
Box 14 · Employment income
$92,000
Borrower snapshot (NOA)
Emily Carter
Tax year 2024
Total income (line 15000)
$88,400
Bank statement analysis
Large deposits
$18,500 Transfer
Flags / For review
Large transfer in · verify the source and transfer trail
Two NSF items without explanation
Credit report
Score not reported
Monthly debt obligations
$729
Feeds TDS
Debts
| Type | Monthly | Status |
|---|---|---|
| Auto loan | $450/mo | Open |
| Credit cards | $279/mo (3.00% of $9,300 used of $10,000) | Open |
| Collection | $1,240 balance | Unresolved |
Flags
Collection reported · $1,240 without explanation
Card utilization 93.00%
Document verified observations for broker review. Specimen generated for illustration.